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N10 Billion Indebtedness To FAAN
03/29/10
N10 Billion Indebtedness To FAAN
By Lateef Lawal
*Board Gives Management Marching Order To Recover Debts
*Erring Concessionaires To Be Sanctioned
The Board of Directors of Federal Airports Authority of Nigeria (FAAN) has directed the Authority’s Management to explore all legitimate means to recover the over N10 billion owed FAAN by airlines and other concessionaires. The directive advised management to sanction erring debtors through outright eviction, termination or withdrawal of services.
According to Akin Olukunle, General Manager, FAAN Public Affairs, the directive was part of resolutions passed at the recent meeting of the Board headed by its Chairman, Chief Ebitimi Banigo.
The meeting also directed FAAN’s management to identify fraudulent concessionaires, whose activities lead to revenue losses to the organization, in order to minimize, if not eliminate such ugly situation. ( Continues below..... )
Photo Above: FAAN logo On A Nigerian Map in Nigerian Flag Colours
The Authority has also been advised to implement the increase in Passenger Service Charge (PSC) from N350 to N1,000 fuel surcharge and advert concessions, as approved by the Board with the mind to improving revenue generation.
Some of the key resolutions at the meeting were that FAAN should undertake only safety critical projects until its liquidity position is restored and that all the Authority’s debtors should pay up within a limited period of time to avoid sanctioning.
It was also agreed that all incompetent officers and staff, including those found to have engaged in malpractices should be weeded out. ( Continues below..... )
Photo Above: Nigerian Naira Notes
The management was also directed to work towards returning the Authority to liquidity, through concerted efforts at achieving major improvement within six months in all airports under its management. This according to the board would be a grand way of celebrating Nigeria’s 50th independence anniversary.
The meeting also agreed that FAAN’s management should work with the unions to reposition the Authority to achieve government objectives.
Lateef Lawal (NigerianAviationNews)
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*Tags: Nigerians, FAAN, Abuja, Lagos, Yar’Adua, Africa, Masterweb
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